Britain's high shrinkage continued to shrink in 2024, when 35 stores were closed on average every day as retailers fought competing online and economic uncertainty.
However, although 12,804 closure last year, the latest PWC data indicates a more positive look at the sector, with a slowdown rate compared to 2023, when 14,801 stores closed its doors.
While closing operations outperformed new holes, retail sales scene witnessed signs of flexibility, as 9,002 new stores were launched across the high streets, retail sales and shopping centers. Cafes and shops were among the main growth engines, with a clear increase in 171 stores and 105 new coffee outlets, especially in driving sites and exit from the city.
Jacqueline Windsor, head of PWC UK, said the numbers indicate “cautious optimism” for 2025, indicating that consumer spending is still fixed despite the ongoing economic pressures.
The largest losses were seen in the banking sector, where the net 396 branches were closed as financial services moved online. The bars also suffered, as 561 of the closure of the bars last year – although about half of it was reopened later under independent ownership or as smaller chains.
Zelf Hussain, the PWC UK's restructuring partner, warned that the challenges are still standing, especially with the high salary and business costs in April. He said: “Retaires continue to face major challenges in 2025.”
Over the past decade, Britain's high streets have lost approximately 30 % of retail outlets, while shopping centers have witnessed 25 % decrease. Despite the slowdown in the closure last year, the retail sector remains under pressure, as many companies still adapt to consumer changes and high operating costs.
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